Age: ICICI Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from ICICI Bank, one has to be of atleast 21 years of age. The maximum age for loan from ICICI can be 60 years for salaried and 65 years for self employed. ICICI Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:

Your current age

Max tenure for salaried

Max tenure for self employed

25 Years

15 Years

15 Years

30 Years

15 Years

15 Years

40 Years

15 Years

15 Years

50 Years

10 Years

15 Years

60 Years

-

5 Years

ICICI Bank Mortgage loan eligibility based on income

Net Income: The amount of loan you can avail is a function of your net income. ICICI Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to
calculate the mortgage loan eligibility. For e.g. if your net monthly income is Rs. 70,000
and you take a mortgage loan of Rs. 50 lakh at 9.50% interest rate offered by bank, the
maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay)
would be as follows:

Age

Net Monthly Income (Rs.)

50,000

75,000

100,000

25 years

31.12 Lakh

46.69 Lakh

62.25 Lakh

30 years

31.12 Lakh

46.69 Lakh

62.25 Lakh

35 years

31.12 Lakh

46.69 Lakh

62.25 Lakh

40 years

31.12 Lakh

46.69 Lakh

62.25 Lakh

50 years

25.12 Lakh

37.67 Lakh

50.23 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase
your ICICI Bank loan against property eligibility.

Nature of Employment: ICICI Bank will check whether you are salaried
or self employed. It also looks at your years of experience to check for job and income
stability. ICICI Bank requires minimum income history and job stability of
more than 1 years for salaried individuals and
of 5 years for self employed individuals.

ICICI Bank Loan against property eligibility based on value of property

Value of property: ICICI Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the
property. Suppose you intend to take a loan on a property worth Rs. 20 lakh. The amount of
loan you will be eligible for will vary with the nature of property. A residential property
worth Rs. 20 lakh will fetch the highest loan amount of Rs.
12 Lakh.

Property Type

LTV

Property Value

Maximum Loan Amount

Commercial Property

55%

Rs. 20 Lakh

Rs. 11 Lakh

Residential Property

60%

Rs. 20 Lakh

Rs. 12 Lakh

Co-applicant: In order to enhance the eligibility of a loan with ICICI Bank, one can apply
with a co-applicant such as a spouse or parents. This increases the total eligible income
for availing a property loan and enhance the amount of eligible loans. As mentioned earlier,
every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect
higher eligibility

Property documents: Your property’s legal documents should be satisfactory and be
cleared by the legal team of ICICI Bank

ICICI Bank property loan eligibility based on CIBIL score

CIBIL Score: The credit history of an individual plays an important role in deciding the
amount of the loan. Credit history is basically the credit report of an individual based on
credit information recorded by CIBIL for all your past and current loan transactions. Based on
your credit score, a bank or any other financial institution decides whether an individual is
eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL
score. ICICI Bank requires a minimum credit score of ICICI Bank credit score to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from ICICI Bank.

Late payments – If have delayed in repaying your existing or past loans, it negatively
affects your CIBIL score and reduces your chances of getting a loan from ICICI Bank.

High number of unsecured loans – Always keep a balance between secured and unsecured
loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your
credit score.

Usage of credit limit – Credit card bills and use of credit limit shows your credit
behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a
potential financial stress, indiscipline on your part and may adversely impact your credit score.

Multiple loan applications – If you apply for loan in multiple banks at one time, it can
affect your score negatively and reduce your CIBIL score. In case of application rejection
from ICICI Bank, improve your credit worthiness to get a good score before
putting in an application in another bank.

ICICI Bank Mortgage loan eligibility based on FOIR

ICICI Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. ICICI Bank will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from ICICI Bank. Always calculate your eligibility with ICICI Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

Frequently Asked Questions

What factors determine the eligibility criteria of property loan from ICICI ?

The factors that determine the eligibility criteria of ICICI Bank property
loan are:-

Age of the applicant

Monthly income

Existing liabilities

CIBIL Score

Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get ICICI Bank mortgage loan?

The minimum income for salaried employee to get loan against property should be
Rs. 40,000 per month.

What is the minimum and maximum age required for ICICI Bank loan against property?

The minimum age of the applicant should be 21 years and maximum
should be 60 years for loan against property
from ICICI.

What is the tenure of ICICI property loan?

ICICI Bank offers property loan for a tenure upto 15 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from ICICI Bank up
to 60% of the market value of the property.

New offers by ICICI is available for mortgage products like loan against property, lease-rental discounting and top-ups on existing mortgage loans. Under the scheme, the bank offers borrowers the benefit of 1 per cent cashback on each EMI during the entire tenure of the loan. The offer is available for home loans with a minimum tenure of 15 years.

2017-10-18 :ICICI offers cash back on EMIs on mortgage loans

ICICI Bank has announced 1 percent cashback on every EMI of a mortgage loan, for the entire tenure of the loan.
Currently, ICICI Bank has the largest mortgage portfolio among private banks in India with disbursement of mortgage loans crossing over Rs 1 lakh crore.

Private sector lender, ICICI Bank’s loan against property comes with a range of benefits that will cater to the need of home buyers by purchasing a property of their own choice from the bank. The loan taken by the bank against property can be treated as a multi-purpose loan that can be used against your business as well as personal needs.

2016-01-18 :ICICI Bank mortgage portfolio crosses Rs 1 lakh crore

ICICI Bank crossed milestone of disbursing mortgage loans of over Rs 1 lakh crore and launched two new digital initiatives to simplify and quicken the assessment for new home loans

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